2025, 33(2):6-13.
Abstract:
The “regulate reserve”, is a flexible inventory of the national reserves that ensures supply and stabilizes price through “throughput regulation”, and serves as a systematic institutional arrangement to innovate the operation mechanism of the national reserve，which includes both physical reserve materials and abstract operational mechanism. This paper, combining the theoretical foundation of macroeconomics, is based on historical data changes, real case effectiveness, and regulating reserve practice. It provides a preliminary clarification of the key roles that food, energy, minerals, raw materials and other important primary products in stabilizing the macroeconomy, and responding to external shocks. Based on the comprehensive reserve strength of the national reserve, reserve management system and market regulation precedents, this paper analyzes and demonstrates the necessity and feasibility of establishing a regulation reserve at this stage. Based on three dimensions, namely, setting a reasonably expected regulation target, clarifying the responsibility for regulating reserves, and classifying the regulation behavior, The paper proposes the general considerations for the national reserves’ s participation in market regulation. On this basis, the paper offers specific suggestions on the key aspects of regulate reserves construction, addressing core problems such as selecting the varieties of regulation reserves, determining the regulation time window, establishing sound operation systems, and exploring the establishment of operation platforms. Through the construction of the mechanism of “one reserve two states, and a combination of dynamic and static”, the reserve ensures the preservation of static and conventional reserves necessary for national security, and reasonably releases the inherent potential of the dynamic regulation reserves in market regulation.
